Financial close reached for Australia wind farm

Subscribe to our newsletter and get the latest news and business opportunities in your inbox
Financial close reached for Australia wind farm

Australia’s international wind energy company Windlab Limited has achieved financial close for its AUD75 million (US$57,5 million) Kiata wind farm and will begin construction in January 2017, after securing financing from John Laing Group plc and National Australia Bank.

Under the terms of the investment agreement, John Laing Group plc acquires 72.3% of the Kiata wind farm project in Victoria, Australia from Windlab Limited, the developer of the project.  Windlab has retained 25% of the project company’s equity, with 2.7% granted to local landowners.

In addition to John Laing’s equity investment of AUD32.6 million (US$25 million), the construction of the Kiata wind farm will be project financed with debt arranged by National Australia Bank, which will provide AUD50 million (US$38.3 million).

Kiata Wind Farm (Kiata) is a 30 MW with 9 Vestas V126 WTG turbines project located west of Horsham, Victoria, near the town of Nhill.  Construction is expected to take less than 12 months with the wind farm being operational before the end of 2017. 

On completion, the wind farm is expected to generate around 134,000 megawatt hours of electricity per annum – enough power to supply more than 20,000 homes.

The project has moved quickly to close financing after signing a contract in June 2016 to supply Large-scale Generation Certificates to the Victorian Government under their innovative supply agreement.

Roger Price, Windlab Chief Executive Officer, stated:

“The Victorian Governments innovative scheme for the procurement of Large-Scale Generation Certificates (LGCs) has played an important role in re-vitalising the wind industry after a period of decline resulting from Federal Policy uncertainty.  Coupled with its more ambitious and progressive 2025 Renewable Energy Target, these initiatives will help bring billions of dollars of investment to Victoria and significantly reduce the states’ carbon footprint.”

“This is another Windlab project successfully partnered with the local community. This win-win outcome will ensure that the neighbours and community of the wind farm benefit from this investment for the next 20 years.”

List of country news

Country news

  • November 04, 2016

    DP Energy appoints legal and financial advisors for Augusta renewable park

    DP Energy has appointed EY and Baker & McKenzie as their financial and legal advisors on their hybrid wind and solar Port Augusta Renewable Energy Park in South Australia. Read more
  • October 31, 2016

    Carnegie to acquire Energy Made Clean

    Carnegie Wave Energy Limited has announced that it has acquired 100% of battery and solar engineering company Energy Made Clean, subject to formal agreements and shareholder approval. Read more
  • October 26, 2016

    Carnegie obtains financing for Garden Island Microgrid project

    Carnegie Wave Energy Limited has announced that it has signed a AUD3.69 million (US$2.81 million) Debt Financing Agreement to support the world’s first solar, battery and wave integrated microgrid project in Australia. Read more
  • October 25, 2016

    Palisade launches new renewable energy fund

    Palisade has launched the Palisade’s Renewable Energy Fund (PREF) and it is open to commitments. Read more
  • October 11, 2016

    Colonial First State Global Asset Management strengthens iglobal unlisted infrastructure team

    Colonial First State Global Asset Management (CFSGAM) has strengthened its global unlisted infrastructure investments team with with both an Australian and a US-based appointment. Read more

Share this news

Join us

In order to get full access to News section, you must have a full subscription. You can check all the benefits of becoming a member and purchase a subscription on our membership page.